Gold Just Snapped Back. i-80 Gold CEO Sees a 20-Year Bull Run

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**Richard Young** (2:00)
That recap almost killed me, literally. Whereas mining, which historically was capital intensive, smaller margins, now we have huge margins. We're in for five, 10, 20 year run, both in gold and commodities. Hard assets, I think, is the way of the future over the next decade.
The difference between talking to institutional investors who are really graded on quarterly performance versus retail investors who are thinking longer term is night and day. So I haven't met a single retail investor at this conference who wishes they would have been able to buy some gold or is bearish.
I gave a presentation on day two, and you know what, there's been a structural shift in the gold market with Central Bank buying. So I've been in the space for over 35 years, and for the first 20, Central Banks were selling. And since the GFC, they've been buying and they've stepped up that purchasing following Russia's invasion of the Ukraine. And I think that investors here at this conference recognize the structural change. And what a number of them said to me was they've been buying our stock on the dip. So rather than running for the door, they're stepping in judiciously, just shows the intelligence and the work that they've done. But I believe that we're in for, you know, 5, 10, 20 year run, both in gold and commodities as we move forward. And you know, as I mentioned to you at dinner last night, our family is all in on gold equities. And so we put our money where our mouth is and we believe in it. They're incredible. I mean, the truth is, Trey, is that, you know, the high tech companies have now gone very capital intensive and they're going to show smaller margins, whereas mining, which historically was capital intensive, smaller margins, now we have huge margins. And as the industry and as we all look at our life of mine cash flows and our opportunities, we're going to have to find ways to return capital to shareholders, whether it's buybacks or increased dividends, which is exactly where Apple and Meta and those companies were before the AI revolution. So I think it's a sector that's going to get a lot more focus in the coming years as we deliver incredible earnings and cash flow numbers.

**Trey Reik** (4:50)
As a footnote to your comment about the duration, I always tell people building a gold mine is among the most long-term duration endeavors on the planet, and yet people trade gold stocks like water. But I want to put out as a footnote, I always tell people as well, no one would ever think of Warren Buffett as a big fan of gold, but his moat analogy, there's no industry where it actually applies more.